UJ H4
This trade stayed as minus 5 to about minus 9 pips for 40 plus hours. Would have been a loss if we didnt have patience.
Its 40 pips now. Decisions decisions. Take or move it to BE and let it ride.
The lower red line marks the next level of support.
Hi Nikitafx you are absolutely correct, if your not sure stay out. I am reading the thread very carefully now, I want make sure that I know what will be the Market bias before I take any trade, if I am wrong I can find out why I am wrong, so I will more accurate next time.
Your tips make pips.
Thank you
I took a very similar trade to this last Thursday, have been in it ever since (!). It is now finally moving, as you say; personally I am staying with it but with Stop at B/E.
ST
I took what was on the table after my UCHF tanked and hit BE. 
I missed the entire USD action today despite R Carter giving us a hint on the other thread cause I was out. Didnt dare enter in the middle. Maybe it will be a continuation later and I would get another chance.
All in all a disappointing day today. Despite all the action.
Frustrating, sorry about that; at least you were at B/E so missed some profit rather than taking an actual loss. Timing occasionally just doesnāt work out in this business - avoiding a loss at those moments is as important as securing a profit when everything does come together, imho.
Hopefully it stays the course today. I know I went short on the Kiwi last night and woke up to a great surprise. Moved my SL to 100 pip profit and went to work. My SL will most likely get tagged but I will be happy. That trade had only a 10 pip risk and I was only looking for 30 pips. So to cash out qt 100 pips profit will be a nice increase to my account. Looks like this week is being as good to me as last week (Probably should not say that since we still got a way to go). So I hope this USD rally will last through out the day today so that SL dont get hit and I will have almost had as good a week as Nikita did last week. But either way its been a great week so far tricky but great.
Iām having an extremely difficult time learning and understanding the price action process. I have read through this thread as well as others, gone through the babypips school, watched videos and whatnot on price action, but it still aludes me. I figure Iām sitting at about an 80% losing rate or better at the moment. The few trades I take which are successful are flukes Iām sure. Can anybody tell me how to do this correctly?
Whatās the process? Imagine I get up in the morning, turn my computer on, and start looking at the charts. What is it that Iām supposed to be looking for and how do I know whether there is a trade to get into or if I should wait? And how long should I wait? If Iām looking at a blank chart, then what am I supposed to do to it to see the setups and what am I supposed to be looking for?
Iāve looked at and read all I can find on S&R levels, but it doesnāt seem to help. When I think price goes up, I enter the trade and price falls immediately. Or, price will go up 10 pips and then fall. I went into a trade last night that I swore was a perfect setup and this morning I was down 300 pips. Am I cursed? You would think after a while that I would at least be getting 4-5 trades out of 10 right just from guessing.
Can somebody give me a 1, 2, 3ā¦ on exactly what to do? I understand thereās a bit of finesse involved and if it was simple as do this and do that then everybody would be rich, but I also know thereās got to be an order of things to do and look for with this.
Hi Joesfx150, I am not an expert trader like other member of the forum, but I think if you are very new to trading please try to learn the candle stick, which candle represent what and how the Market move when one candle form in bigger time frame like day or 4 hr. Learn how to read the chart.Trading is not easy like any other profession, but one good thing about trading at least you can practice before you invest your real money. I was feeling the same when I lost all my savings.
I think you will get more advice from the senior member. I am also learning at the moment.
I wish you all the best.
Iām familiar with cadlestick patterns and I have been working with forex for a while now. But just knowing candlesticks wonāt help unless youāre looking at the right levels.
Iāve read and studied this thread for many hours and still donāt understand everything. In a nut shell you need to be able to draw valid S/R lines and interpret bias and correlation correctly. Only then do candle sticks come into play.
If all else fails and it does not work for you, and you still want to learn how to read charts and trade, then get a mentor.
Someone to walk you through real time. Hold your hands and point it out bit by bit.
Its not fail proof, but its the last resort.
Many who have taken mentorship fail to learn how to trade also due to psychological problems etc etc. So its not a 100% solution to ur issues, but if reading and working it out, watching videos dont help, then u need someone to walk u through it.
I would be interested to know what that trade was and what timeframe chart you were using. Getting some opinions on that one might be a good way to learn from it.
Me too. I donāt think that he read the whole thread. If he did he would know to use an SL and how to read bias. Sheesh
Hi Nikitafx
I am a new in FX trading. I read all the thread and like your explanations very much. I am sure a lot of people appreciated your helpful comments. I understood that you basically wanted to close the thread as all what needed was said. Will you keep posting some chart examples once in a while? I found those very helpful to understand your explanations.
Thanks and keep pipping
I wanted to wind down the thread because most people get put off by looking at a thread that has 300 or 400 over pages.
There is no way anyone is going to finish going through that. I wanted to keep it simple. But I guess we are already 70 over pages and 700 plus comments. So I guess the line of keeping it simple was long crossed.
But than this thread is also about me learning as I go. And ofcause filling up time in between waiting for trades.
I guess this thread will keep growing. I dont know where it will end but do expect to see more postings here.
I will also try to add in more charts of trades I take.
Maybe at the end of the year I would go through this thread and pick out relevant posts from everyone who have posted and try to put a small E Book together. That way, those who just want the idea behind it in a more compact structured way have got an alternative instead of having to go through mountains of posts of friends just chatting.
That seems a bit harsh for the Newbie subforum of a forum that really caters to novices. Different people can look at the same chart and read it completely differently.
If u could do that ebook am sure alot of people will appreciate it. Including myself.
Apologies, youāre absolutely right. I donāt know what came over me :-/
I think this is the problem with things. People who want to learn ask for help and the only response that is given is to go find somebody who will teach you. No wonder there are so many people in the world who lose at forex. Those who know how to do it wonāt teach those who canāt, and those who canāt do it can never find anybody to teach them how to trade successfully. They just get a bunch of critisism and sarcasm. Thanks everybody. Youāre a real fine bunch.
I going to go out on a limb here and say someone must have rubbed you the wrong way. But this is not the way to get people to want to help you. Why dont you approach peoples replies with a little sense of humor. Sarcasm is what I do best you cant take the fun out of it or what is the point of me coming on here to help anyone. Criticism can be a very constructive tool if used properly but if you dont like it then come back with your own sarcasm if we can dish it we can take it trust me. Calling us a real fine bunch (thanks I like to think so) your getting warmer. But a little effort into it next time.
